Nifty down 30.20 points - Microsec

NIFTY (5971.50, DOWN 30.20)

After opening on a subdued note, the Nifty rose to make a high of 6020.10 and then it fell to make a low of 5958.45. At the end of day Nifty closed at 5971.50. It had a net loss of 30.20 points or 0.50% over the previous day's close. On the sectoral front, some buying interest was seen in Auto, Oil & gas and Health care stocks. However, FMCG, Power, Capital goods, Metal and Consumer durable stocks lead to a decline.

The daily chart of Nifty is showing that it has given a strong bullish rally of almost 8.20% in a time span of one and half month. The short term trend of Nifty is still looking positive. The immediate crucial resistance of Nifty is at 6030 and a breach of this level is likely to take Nifty higher to 6180 in the near future. We recommend holding long positions with stop loss of 5870. However the fresh long positions can be initiated only above 6030.

On an intra-day basis Nifty has a support at 5950 and is likely to face a stiff resistance near 6030. If Nifty breaks 5950, it may further go down to 5900 and then 5870. However, if it is able to sustain above 6030, the level of 6080 - 6120 would become the next target.

Source : Equity Bulls

Keywords